This week’s theme on the Retirement Quick Tips Podcast is: Setting Up Your College Grad For Financial Success

Today, I’m talking about teaching your young adult child how to use technology to budget. Now I’d be willing to be your twenty something is a lot better at using the gram or tik tok, or whatever the kids are into these days. But chances are, they haven’t yet figured out how to apply those tech skills to their money, which is where you can help them.

Technology can be your child’s best friend when it comes to managing their finances. If you think about how different things were when you were there age, they have many more tools to help them be successful. Even I remember a time when it was cumbersome to know and track the status of my money in my checking account. But now, it’s all on my smart phone and I can see how much I have in my bank account all at my fingertips.

Taking it a step further, college grads who are learning to manage their money need to learn how to track their spending and spend within a budget. Yet, many college grads have no idea how to budget. So work with them to select a technology tool to help with that. Here is just a short list of some  popular options:

• Bank accounts - many will categorize spending to make budgeting easier

• Mint, for just about everything

• YNAB, for hands-on zero-based budgeting

• Goodbudget, for hands-on envelope budgeting

• EveryDollar, for simple zero-based budgeting

• PocketGuard, for a simplified budgeting snapshot

• Fudget, for budgeting without syncing accounts

That’s it for today. Thanks for listening! My name is Ashley Micciche and this is the Retirement Quick Tips podcast.   

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Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance